A investment syndicate is a group of investors who join together to invest their capital into startup deals (called “Special Purpose Vehicles” or SPVs).

A startup syndicate provides access to opportunities that you as an investor might not have individually. When you participate in a syndicate, you'll be invited by the lead investor to deals that you can choose to invest in on a deal-by-deal basis. There is no commitment to invest in deals when you join a syndicate.

A syndicate allows you to participate in a lead investor's deals. In exchange, participating investors pay the lead a commission on successful deal outcomes, called "carry", that compensates the lead's effort in sourcing, vetting, and managing the deal, and supporting the startup company that's the recipient of the investment.

As an example: Laura decides to lead a syndicate to invest $250k in a company. She personally invests $50k and offers the remaining $200k to her syndicate with a 20% carry; if the investment is successful, the participating investors first receive their $200k back. 80% of the syndicate’s profit is then split between the participating investors, while the remaining 20% goes to Laura.

Sandy Spring Climate Partners leads climate technology investment deals.